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Friday, September 16, 2016

The Wealthy Barber Book Beginnings and Friday 56

This week, I am reading The Wealthy Barber by David Chilton. The particular edition I am reading is the third edition, which came out back in 1998. http://amzn.to/2bMat0T

I purchased this book for only 50¢ from our local Friends of the Library. There is a more updated version of the book called The Wealthy Barber Returns : Dramatically Older and Marginally Wiser, David Chilton Offers His Unique Perspectives on the World of Money. This version is from 2011 and, judging from the prices for used copies listed on Amazon, you will probably want to see if your library can get it for you through inter-library loan.

As anyone who has read this blog probably knows, I do not normally read fiction. This book reads very much like a story, so any of you who would not normally read a book on personal finance will still enjoy this book.

I LOVE APRIL. I WOULDN’T trade it for two of any other month. Except perhaps for October. Two Octobers would mean twice as many birthday presents-and Oktoberfests!

Why April? Weather-wise, it offers neither the best of summer nor the best of winter. It certainly doesn’t provide the beauty of the fall months. Is it because at least to poets and romantics, it symbolizes a new beginning, a kind of rebirth?

No

Since I am reading out of a paperback book rather than on an ereader, I get to actually go to page 56 and type the Friday 56 in this week.

“You didn’t let me finish!”

Roy continued on. “Well, I’ll give Dave the benefit of the doubt and say you are both correct. The Dow Jones Industrial Average and the S&P 500 are indexes. They are supposed to represent the market-but they don’t invest in every stock, just a few. The Dow Jones invests in thirty stocks-thirty market leaders to be more precise. Dave, how many stocks do you think the S&P 500 invests in?”

“Is that a trick question?” I shot back. “Five Hundred?”

“Your mind never ceases to amaze me.

This is a book on building wealth but it is a great book for people who get bored reading a lot of technical jargon. We are making this part of the suggested reading for our upcoming How to Manage Your Monkey course that we hope to kick off October 3rd 2016.

In this new and updated edition of one of the biggest-selling financial-planning books ever, David Chilton simplifies the complex puzzles of personal finance and helps you achieve financial independence. With the help of his fictional barber, Roy, and a large dose of humor, Chilton shows you how to take control of your financial future--slowly, steadily, and with sure success. Chilton's plan (detailed in an entertaining story) is no get-rich-quick scheme, but it does make financial independence possible on nothing more than an average salary.

This third edition has been updated with assistance from the Arthur Andersen Corporation, and covers the Taxpayer Relief Act of 1997 and other recent developments.
Even if you consider yourself a financial "basket case," Chilton explains how you can easily put an effective financial plan into action.

I really think this is a great book for anyone who would like to learn more about taking control of their finances. Even those readers whose eyes would normally glaze over when reading a book on financial matters will probably get something out of this book.

If you never read any other book on personal finance, you will want to read this one.

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